The real estate sector in India is looking brighter as per the report released by the Technical Group. An estimated shortage of 26.53 million houses will be witnessed, thus reasoning the provision for a huge investment during the Eleventh Five Year Plan (2007-12). Competing with other two tire cities in India, the real estate in Pune is also brimming with both commercial and home developers in Pune trying to take the lion’s share of the pie.
According to a report ‘Emerging trends in Real Estate in Asia Pacific 2011', released by PricewaterhouseCoopers (PwC) and Urban Land Institute (ULI), India is the most viable investment destination in real estate. The report, which provides an outlook on Asia-Pacific real estate investment and development trends, points out that India, in particular Mumbai and Delhi, are good real estate investment options for 2011. This further boosted the confidence of home developers in Pune to come up with luxury residential projects. Thus the city is mushrooming with some of the best architectures by the best builders in Pune like Vascon to offer a new range of luxury 3 BHK apartments in Pune which are attracting many local and NRI investors. Residential properties maintain their growth momentum and hence are viewed as more promising than other sectors among the home developers in Pune.
Further, Pune real estate companies are coming up with various residential and commercial projects to fulfill the growing demand for residential and office properties. Vascon, a renowned developer in Pune has decorated the city with many of its iconic projects like Forest County, Willows, Windermere and many more which are known for its exquisite architecture and international design standards. The growth in real estate in Tier-II and Tier-III cities is mainly due to increase in demand for organized realty and availability of land at affordable prices in these cities. Pune—with an intellectual mass migration offers many 3 BHK apartments at a reasonable rate with all modern amenities.
As per the data released by the Department of Industrial Policy and Promotion (DIPP), housing and real estate sector including Cineplex, multiplex, integrated townships and commercial complexes etc, attracted a cumulative foreign direct investment (FDI) worth US$ 9,405 million till January 2011 wherein the sector witnessed FDI amounting US$ 1,048 million during April-January 2010-11.